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Despite rise in home prices, rental properties still making money

With home prices on the rise, buying a house now in Michigan is a lot better decision than it was just three years ago. That's because the housing market is finally rebounding after the burst of the market bubble that cost thousands of people their homes. But despite the fact that prices are on the rise, some people are still hesitant to sell their homes in a market that could reverse at any moment.

But for those who may not be ready to sell but still need to, the allure of property management companies is becoming increasingly popular. And although some homeowners fear those dreaded landlord-tenant disputes that can occur in property management situations, renting out properties in an effort to turn a profit is becoming too enticing to ignore.

That's exactly what property management companies such as Minnesota's Renters Warehouse are counting on. Because they are so well-established in the real estate market, they offer homeowners a chance to recuperate some of their losses without having to figure out a way of bring in renters.

And now with online tools, property management companies are making it easier for landlords and tenants to communicate with each other before problems become escalated. Instead of getting the Sunday call for a leaky pipe, tenants can submit a maintainance ticket to dispatch a worker. Even the fear of unpaid rent because of non-issue with customer services offered by most management companies.

Although rental properties are expected to stay popular for quite some time now, the process is not without its difficulties. When situations turn bad, it's important to know that landlords--as well as tenants--can seek legal representation, especially if the situation is simply something the management company can't sort out.

Source: The Star Tribune, "Accidental landlords boost demand for property management," John Ewoldt, June 5, 2013

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